How this AI retail company helps deal with excess inventory

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In 2013, after a decade in Silicon Valley, neuroscientist and designer duo Anand Chandrasekaran and Ashwini Asokan founded Mad Street Den with the goal of taking computer vision technology beyond the realm of scientific research. Today, through its Vue.ai business unit, the company helps retailers like Diesel, Off-White and Tata CLiQ grow their businesses by lowering operating costs and increasing revenue through automation and creating personalized experiences. for customers.

“Think of Vue.ai as a vertically integrated stack for the retail industry,” said Asokan, who in addition to co-founding Mad Street Den serves as CEO of Vue.ai. “Today a retailer has to shop from dozens of vendors to take advantage of a CDP, recommendation system, search engine, styling and cross-selling solution, marketing automation engine, A/B testing software , workflow automation: the list is absolutely endless.” This means completely fragmented data, each vendor viewing content, inventory, and customer data in their own way, with endless loops of data reconciliation. Also, the money spent on all of these adds up very quickly.

To address the growing demand for solutions to more effectively manage inventory fluctuations amid global supply chain disruptions and fluctuations, Mad Street Den acquired New York-based Inturn. Inturn provides enterprise consumer brands with a system of record to manage and optimize slow-moving or excess inventory.

This strategic move comes as a natural extension of Vue.ai’s vision to provide customers with intelligent solutions to more effectively manage and optimize supply chain planning and processes. “Inturn fits our roadmap like a glove. We’ve been tagging products, delivering information, and powering demand and inventory analytics with Vue.ai for years, and Inturn’s promise fits with the continuity of that workflow by enabling buyers and sellers to connect, sell faster, and maximize value. recovery,” said Mad Chandrasekaran of Street Den.

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AI-powered retail automation and the ‘ultimate’ user profile

Vue.ai aims to address these issues by positioning itself as a comprehensive AI-powered retail automation and experience management partner. First, the platform visually detects your products and, through the attached text, corrects your inventory data and creates tags and metadata for all your products. This gives you a single view and clean data for your inventory.

It then uses that data to form the “ultimate” user profile. Asokan defines this as a combination of what the user is doing, what product they are interacting with, why they like it, and more. “This means having the ability to detect fuchsia versus bubble pink, detect a user [who is] on a ketogenic diet vs. [one who is] trying to buy the same ingredients for an almond flour cake recipe, and doing it in real time, with each click to understand the intention”, he added.

Lastly, Vue.ai uses Generative Adversarial Networks (GANs) to help businesses automate their creative photography workflows.

With these three key pillars, Vue.ai empowers retailers with the smart tools needed for product tagging, content moderation, product quality moderation, seller-side workflow automation, management and extensive customization of the customer journey, personalized marketing and more. “Vue.ai is a comprehensive AI partner for retailers around the world, and that’s why they trust us – to make sense of all the years of data they’ve been collecting and apply it in meaningful ways to help their businesses. to increase revenue. [and] reduce costs while creating wonderful new experiences for their customers and helping their own teams increase productivity,” Asokan told VentureBeat. “Our ability to link all this data from marketing, inventory planning, product, customer experience and marketing teams makes us stand out and helps retailers get to market 10x faster, convert more, sell more, make sales cross-check more and automate functions with minimal human input.”

Eliminating excess inventory

A combination of strong supply and weak demand has recently caused inventory problems for most brands. The process for identifying and selling excess inventory is archaic and error-prone, with little to no automation. This results in substantial inventory holding costs, leading to an impact on both the top and bottom lines of the business.

“The recession is here. Retail is always one of the first [sectors] be hit,” Asokan said. “Excess inventory is a real problem and retailers are realizing that margins are being abandoned here, and revenue will be made by focusing on discount retailing as a very important strategy, not just a strategy. afterthought.”

That’s where today’s acquisition comes in.

“Inturn is transforming the way companies do business, from [an] Format driven by Excel and reactively to a proactive approach identifying inventory, addressing it, selling to the right buyers and extracting the right margins, [thus] inducing incredible behavior change. Inturn is a margin upgrade in a box,” Asokan said.

By combining Inturn’s inventory workflow tools and margin optimization capabilities with Vue.ai’s retail AI suite, customers can now not only use AI effectively to optimize processes and supply chain planning, but also integrate it into customer experiences to create efficiencies throughout the retail value chain. While Vue.ai helps its customers gain insights into inventory, purchasing, merchandising, pricing, and more, and predicts and plans ahead for excess inventory buildup, Inturn will help them start their off-site journey. price.

“Adding Mad Street Den’s AI capabilities to drive greater automation and predictability will allow our clients to further optimize both cost savings and margin improvement,” said Ronen Lazar, co-founder of Inturn.

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